According to research firm Capgemini, by 2023, 45 percent of consumers will be utilizing cryptocurrencies to make payments, which performs regular polls with various businesses and their customers throughout the world.
Analysts have to extensively evaluate the health of payment systems and services worldwide as part of a report called World of Payments 2021 before making such a prediction. Also, consult data from the Bank for International Settlements, the International Monetary Fund, the World Bank, the European Central Bank, and other institutions. Institutions of international finance The poll included almost 6,300 customers and 210 payment industry representatives from 44 countries.
According to Capgemini studies, less than 10% of customers utilize cryptocurrencies for payments now. However, given the present trend of a new asset class becoming more popular, this rise might reach 45 percent in just two years.
The primary reason for this will be the growing demand for a convenient and quick method of making foreign payments and the lack of significant transaction costs in the case of digital currencies. As a result, soon, cryptocurrencies may take a significant share of the market from industry giants like Western Union and MoneyGram.
Capgemini singled out Ripple and its XRP coin as one of those aggressively advancing in the direction of cross-border payments. At the same time, the usage of bKash, Ripple, and Mobile Money services, according to the Asian Development Bank, helped to drastically boost the speed of settlements, reducing the period from a few days to a few seconds, which is outstanding. Moreover, the advantageous exchange rates on these services amid the COVID-19 pandemic were particularly beneficial for those who used cross-border payments.
Looking at the situation with transfers between Malaysia and Pakistan, the Asian Development Bank staff also emphasized resolving identity problems when using blockchain-based payments.
Another important element driving the adoption of cryptocurrencies among consumers will be the adoption of cryptocurrencies as a mode of payment by major worldwide businesses. According to Capgemini experts, Coca-Cola, Yum Brands, PayPal, and other firms will be examples of this.
According to Capgemini, Bitcoin credit cards have seized the lead among payment devices. The ambition of their issuers to build an effective ecology of payments in the equivalent of digital currencies was mentioned as the key cause for their appeal.
Finally, the researchers stressed that the possibilities for the growth of stablecoins and cryptocurrencies depend on various factors, including the actions and reactions of international governments.